'Although pricing in the current hotel real estate market has experienced substantial upward pressure, we believe there are still smart investments with attractive returns available,' said Leland Pillsbury, Thayer Lodging's CEO and co-chairman. 'Bill brings in-depth expertise in hotel development, acquisitions, asset management and dispositions, as well as significant experience with other real estate types. His extensive network of contacts and deep knowledge of the hotel industry will allow us to surface opportunities that can provide above market returns to our current and future investors.'
Thayer is actively investing on behalf of its fourth venture fund, which has purchased nine hotels to date. Reynolds, along with acquisition vice presidents, Kim Gauthier and Sujan Patel, will continue to focus primarily on upper upscale, full-service hotels in major markets. Product and service repositioning and focused property and asset management will remain cornerstones of Thayer's strategy.
'Thayer Lodging has an exceptional, proven track record in hotel investments, and our goal remains to continue delivering better than market equity returns,' Reynolds stated. 'Over the past 15 years, the team here has built portfolios of extraordinary assets through aggressive, innovative strategies. It is our intent to continue that productivity and achievement.'
In his 20-plus-year hotel real estate career, Reynolds has been involved in the acquisition, development and divestment of more than $3.5 billion in hotel real estate. Previously, he was managing director for Hospitality Capital Partners/USAA Real Estate, and he is the former chief investment officer of MeriStar Hospitality, a real estate investment trust. He also held senior development officer positions with Interstate Hotels & Resorts and CapStar Hotel Company. He began his hotel career in 1985 as a principal in Dallas-based Metro Hotels.
Headquartered in Annapolis, Md., Thayer was founded in 1991 by Leland Pillsbury and Fred V. Malek to develop and own hotel and resort real estate throughout the United States. Since its founding, Thayer has launched four successful venture funds and six, single-purpose investment entities with total capital commitments in excess of $3.5 billion. The company has developed, built, or acquired more than 35 branded and independent hotels and resorts, including the world-class Grande Lakes Resort in Orlando, Florida, the largest and most expensive non-gaming resort ever built in the United States.
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